Ideal Power Inc.

Good morning, ladies and gentlemen, and welcome to the Ideal Power fourth quarter and full year 2025 results conference call. At this time, all participants are in a listen-only mode. At the end of management's remarks, there will be a question and answer session. Investors can submit their questions anytime within the meeting webcast by typing them into the Q&A button on the left side of your viewing screen. Analysts who publish research may ask questions on the phone line. For analysts to ask questions on the phone line, please press star one on your telephone keypad. As a reminder, this event is being recorded. I would now like to turn the conference over to Jeff Christensen. Please go ahead.

Thank you, Holly, and good morning, everyone. Thank you for joining Ideal Power's fourth quarter and full year 2025 results conference call. On the call with me are David Somo, President and Chief Executive Officer, and Tim Burns, Chief Financial Officer. Ideal Power's fourth quarter and full year 2025 results press release is available on the company's website at idealpower.com. Before we begin, I'd like to remind everyone that statements made on the call and webcast, including those regarding future financial results and company prospects, are forward-looking and may be subject to a number of risks and uncertainties that could cause actual results to differ materially from those described in the call. Please refer to the company's FCC filings for a list of associated risks. We would also refer you to the company's website for more supporting company information. Now I'll turn the call over to Ideal Power's President and Chief Executive Officer, David.

Thank you, Jeff. I appreciate everyone joining us today. As you know, we laid out our strategy, commercial opportunities, priorities, and expectations on our recent business update webcast call. It's a plan designed to accelerate commercialization and deliver increased value to our shareholders and our customers. Now that we have set out a clear path, our focus is on disciplined execution. I won't repeat what I shared on our business update webcast call. Instead, I'll discuss our progress since the start of the fourth quarter. Afterwards, I'll turn things over to Tim to discuss our financial results. We look forward to your questions after our remarks. First, we announced a multi-year strategic cooperation agreement with Lazen for the design, development, and worldwide sales of a portfolio of VTRAN-enabled circuit protection products. Think solid-state circuit breakers, battery disconnect units, and EV contactors. Their first VTRAN-enabled solid-state circuit breaker is expected to target AI data center customers. Other potential products include SSCBs for the intelligent grid, renewable energy and energy storage systems, and EV charging infrastructure, along with contactors and battery disconnect units for EVs. For those of you not familiar with Lazen, they are a publicly traded, leading circuit protection solutions provider and systems integrator in Asia that is becoming increasingly focused on expanding into the North American and European markets. Second, we signed a letter of intent with a leading power module manufacturer in Asia to develop and offer a family of DETRAN-based power modules for sale to their customers. This customer already provides a portfolio of IGBT and silicon carbide modules. They see compelling value in BTRAN and are interested in developing differentiated and customized BTRAN-enabled solutions due to its inherent competitive advantages in a variety of end-use applications. Third, we continue to advance our relationship with Stellantis, including executing on our existing purchase order for custom development and packaged DTRAN devices for EV applications. We completed the first of five deliverables under this PO in the second half of 2025. We expect to complete the remaining four deliverables by mid-2026. That includes the delivery of custom packaged DTRAN devices and reference design kits for the testing and evaluation in EV applications. We also remain engaged with Stellantis on a potential development program for EV contactors. Our BTRAN patent estate continues to grow. Currently, we have 100 issued BTRAN patents with 48 of those issued outside of the United States. Our patent coverage spans North America, China, Taiwan, Japan, South Korea, India, and Europe, all representing our high priority patent coverage geographies. As a result of our continued innovation, our list of pending BTRAN patents is now at 78. To safeguard our intellectual property further, we treat the proven double-sided wafer process flow we developed to make our devices as a trade secret and do not disclose the identity of and work under strict confidentiality with our wafer fabrication partners. So even if a competitor studied our patents, they wouldn't have the know-how to fabricate the device. In addition, to minimize the potential for infringement, we exclusively work with foundries and packaging houses in countries that have a history of respecting intellectual property rights. I want to close by detailing the strategic priorities for the company. First, continuing to add new opportunities to the sales funnel. We have a good start today with nearly 200 million of potential sales opportunities identified. but need to continuously expand the sales funnel with new engagements and opportunities. Our opportunities are global, and we added a sales leader in Asia late last year and expect to add a sales leader in Europe and a field applications manager in Asia in the near term to support the global commercialization of VTRAN. Drive initial revenue ramp by converting sales opportunities in the funnel to design-ins and custom development agreements on the earliest possible schedule. It is not just about expanding our sales funnel. It is even more important that we execute and advance qualified opportunities through the funnel to production orders and revenue. Secure production orders with LASN for their first BTRAN-enabled solid-state circuit breaker product and expand our strategic cooperation with LASN to include solutions to address additional markets and applications. Complete the remaining deliverables under the Stellantis purchase order and continue to advance opportunities for EV contactors and battery disconnect units with Stellantis and other global automakers and Tier 1 suppliers. Continue exploring strategic investment opportunities with global market leaders. We are engaged with a small number of global market leaders on potential strategic investments. Strategic investors are typically motivated by two factors. First, new and innovative technologies that best solve customer solutions challenges related to market shifts. For example, the transition from AC to 800-volt DC data center power distribution systems. Second, providing additional resources and development support to guide and accelerate the commercialization of new technologies that are of significant interest to their business. While these investments take time, They offer significant validation and alignment of interest with customers. Now, I'd like to hand the call over to Tim Burns to review our financials. Tim?